267694 EdinburghIT AR 2024 WEB - Flipbook - Page 27
THE EDINBURGH INVESTMENT TRUST PLC / STRATEGIC REPORT / 25
ENGAGEMENT WITH SHAREHOLDERS
Shareholder relations are given high priority by both the Board
and the Manager and the Board welcomes feedback from
shareholders throughout the year. The prime medium by which
the Company communicates with shareholders is through the
half-yearly and annual financial reports, which aim to provide
shareholders with a full understanding of the Company’s
activities and results. This information is supplemented by the
daily publication of the net asset value, monthly factsheets as
well as dividend and other announcements.
Feedback from shareholders forms part of the discussion
at all Board meetings and at the Board’s annual strategy
meeting which involves consideration of how the Company
is meeting shareholder expectations. In October 2023 James
de Uphaugh, Imran Sattar and Emily Barnard also spoke at the
Company’s annual retail investor presentation event.
Shareholders can also visit the Company’s website
www.edinburgh-investment-trust.co.uk in order to access
copies of the annual and half-yearly financial reports,
pre-investment information, Key Information Documents
(KIDs), proxy voting results, factsheets and stock exchange
announcements. The Company’s website also hosts videos and
other applicable written materials by the Manager to enhance
the information available. Shareholders can send their questions
using a dedicated section of the Company’s website.
Typically, at each AGM, a presentation is made by the Portfolio
Manager following the formal business of the meeting and
shareholders have the opportunity to attend, vote and most
importantly to communicate directly with the Portfolio
Manager and Board. Presentations to both institutional
shareholders and analysts also follow the publication of the
annual results. The Company held a physical AGM on 19 July
2023, with voting on a show of hands. Shareholders also had
the opportunity to join the meeting virtually via a live weblink
using their smartphone, tablet or computer, with the option
to submit questions to the meeting in real time. In addition to
the AGM and presentations, the Board and Portfolio Manager
hosted a presentation to retail investors in central London
in October 2023. The Chair uses these events to lead the
Company’s engagement with its retail shareholders. Please
see page 78 for the notice of 2024 Annual General Meeting
and page 82 for details of the 2024 shareholder event.
Regular dialogue is maintained between the Portfolio Manager
and a wide range of shareholders throughout the year to
discuss aspects of investment performance, governance and
strategy and to listen to shareholder views in order to help
develop an understanding of their issues and concerns. All
meetings between the Portfolio Manager and shareholders
are reported to the Board and the directors receive regular
updates on the shareholder register and trading activity.
There is a clear channel of communication between the Board
and the Company’s shareholders via the Company Secretary.
The Company Secretary passes to the Chair all correspondence
addressed to the Board of the Company.
The strategy of the Company is reviewed regularly and formally
by the Board on an annual basis. At the strategy day on 27
September 2023 the Board discussed ESG matters, discount
management, share buybacks, marketing and Portfolio Manager
succession. Whilst feedback from shareholders is sought
regularly, shareholders’ feedback provided by the Company’s
Broker and Manager is a major consideration at this meeting.
ENGAGEMENT WITH THE MANAGER
The Board maintains a constructive and collaborative
working relationship with the Portfolio Manager, encouraging
open discussion. The Board has regular dialogue with and
receives reports from the Portfolio Manager on the portfolio
of investments, including performance against set objectives
and risk management. The Portfolio Manager and Deputy
Portfolio Manager normally attend each Board meeting to
provide updates and answer questions from the Board. The
Board has also discussed the AIFM’s responsibility under the
FCA Consumer Duty with the Manager and received comfort
as to how those responsibilities will be met.
As outlined in the Chair’s Report on page 6, from 1 April 2024
the Board has agreed a new lower management fee scale,
further supporting the role of the Company as a natural
home for long-term equity investors.
Following James de Uphaugh’s retirement in February 2024 he
was replaced as Portfolio Manager by his colleague Imran Sattar
and Deputy Portfolio Manager Emily Barnard. As part of the
succession plan, Imran had been appointed as the Company’s
deputy Portfolio Manager in October 2023, replacing Chris
Field who retired from Liontrust in November 2023. The Board
met frequently with the Management team throughout the
succession planning process to ensure a smooth transition and
are confident that Imran and his colleagues are well placed to
build on the strong foundations put in place since 2020.
ENGAGEMENT WITH SERVICE PROVIDERS
As an externally managed investment trust, the Company
conducts all its business through its key service providers.
The Board believes that maintaining a collaborative
relationship with each of the Company’s service providers
is essential to the Board’s decision-making and the ongoing
success of the Company. At least annually the Board reviews
the performance and services of its key service providers
